The Director General of the Budget Office of the Federation, Ben Akabueze, said President Muhammadu Buhari’s administration is wasting the country’s limited resources, and it needs to stop.
Akabueze stated that the wastage needs to be cut, and the administration should prioritise how to manage the limited resources. His statement comes as President Buhari’s 2023 budget has between N11.30 trillion and N12.41 trillion deficit.
In order to meet the budget deficit, the government plans to borrow N9.32 trillion from both domestic and foreign creditors, with the former accounting for N7.4 trillion loan, and the latter expected to provide N1.8 trillion loan.
Nigerian lawmakers have already kicked against the budget deficit, and has told the administration to cut it down by ending some tax exemptions given to some companies.
Speaking to Channels TV, Akabueze said while Nigerian government is not spending enough on infrastructure, it still needs to be efficient on the usage of available resources.
“We need to take a hard look at the petrol subsidy that is the single largest item of expenditure after personnel cost and debt service for the Federal Government.
“There are some wastes that we still need to cut. We need to do the job of prioritising how we spend the limited resources that are available.” Akabueze said.
The Budget Office Director General further stated, “Our problem is not that the government is spending too much money. The truth is that the government is not spending enough money and the numbers are there to show.
“The public expenditure to GDP ratio is at the bottom even on the African continent and that is why public services are suffering whether in health or education. The infrastructure faces a significant deficit. It is however correct that we can be more efficient in our expenditure.”
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